Myanmar real estate news

South Korean developer builds $120m project on military-owned land


Myanmar real estate news A South Korean company has begun construction of a large mixed-use project on land owned by the Ministry of Defense, under an agreement with military-owned conglomerate Union of Myanmar Economic Holdings Limited (UMEHL).

The US$120 million project, named Inno City, is being developed by South Korea’s Inno Group at the corner of Parami and Wayzayandar roads in Yangon’s South Okkalapa township.

It will include three 30-storey serviced apartment buildings and two 29-storey serviced apartment buildings with a total of 744 units ranging in size from 925.5 to over 3000 square feet, a 13-floor business hotel with 150 rooms, a convention centre and a bus terminal, on 7.63 acres of Ministry of Defense-owned land.

The company is building the serviced apartments and hotels under build-operate-transfer terms of 50 years plus two 10-year optional extensions. The highway bus terminal and the 50,000 sq ft convention centre will be built through a joint venture with UMEHL, said U Hla Moe Kyaw, construction director at Inno Company.

The project is adjacent to South Okkalapa Golf Resort and 6.5 kilometres from Yangon International Airport.

On January 7, South Korea’s Il Sung Construction signed a 56.23 billion won ($45.6 million) memorandum of understanding to build the project, according to a company announcement. Construction started in January and is due for completion by December 2018, said U Hla Moe Kyaw.

The project was granted Myanmar Investment Commission permission in April 2015 and was approved by Yangon City Development Committee last September, he said, adding that the project is aimed at the high end of the market and will include facilities including swimming pools and fitness centres.

“The serviced apartments are for Yangon residents who like Korean-style decoration. The interior will be designed by Korean companies including POSCO A&C,” he said.



Quoted from mmtimes.